Selling Your Home FHA Learn These Tips To Ensure A Smooth Closing What Are The Requirements To Sell

Dated: 05/17/2018

Views: 121


Selling Your Home FHA? Learn These Tips To Ensure A Smooth Closing

What Are The Requirements To Sell A Home Using FHABefore an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property.

While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

Location and Lot

To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The access also has to be paved with a surface that will work all year — a long dirt driveway that washes out in spring won’t qualify.

The FHA also wants the lot to be safe and free of pollution, radiation and other hazards. For that matter, it also needs to provide adequate drainage to keep water away from the house.

Property Exterior

The FHA’s requirements for making a loan start with the home’s roof. To pass muster, the house must have a watertight roof with some future life left. In addition, if the roof has three or more layers of old shingles, they must all be torn off as part of the replacement process.

The property’s exterior has to be free of chipped or damaged paint if the home has any risk of having lead paint. Its foundation should also be free of signs of exterior (and interior) damage. It also needs full exterior walls.

Property Interior

The property’s interior also needs to be inspected. FHA standards require that the home’s major systems be in good working order. Bedrooms should have egress routes for fire safety and the attic and basement should be free of signs of water or mold damage.

The bottom line is that the FHA wants to make loans on homes that borrowers can occupy. This doesn’t mean that a home has to be in perfect condition to be sold to an FHA mortgage-using borrower. 

Contact your trusted mortgage professional to discuss these issues as well as any other questions regarding the sale of your home.

For More Info Visit: http://www.bondstreetloans.com

Blog author image

Jessica Rojas

Jessica Rojas is an extremely dedicated and committed real estate agent who has been working in the Real Estate field since 1997. She became a licensed real estate agent in 2009 as a sales associate ....

Want to Advertise on this Site?

Latest Blog Posts

How Much Does Curb Appeal Increase Your Homes Value

Your home’s exterior plays an important role in grabbing buyer’s attention and, ultimately, selling your property; like the old saying goes, “you only get to make a first impression once.”

Read More

3 MustDos Before Listing Your House For Sale

Before you list your home for sale, it’s time to do a little work around the house – to prepare and make sure your home is seen in the best possible light. These “must-do” items are about

Read More

5 Questions Buyers Have During The Coronavirus Outbreak Answered

Everyone is being affected in some manner by the outbreak of Covid-19 coronavirus. During this time, buyers will have more questions than normal about the home buying process and their ability to

Read More

Go To Favorites How Buyers Sellers Can Prepare For An Early Start To The Spring Market

Is February the new April? When it comes to the real estate market, experts say yes.Regardless of whether that famous groundhog sees his shadow, a recent article on CNBC suggests spring

Read More